Full FeedLogitech is the newest victim of the downturned economy
Logitech is the latest company to announce that it’s financially flailing due to the downturned economy. On Monday, the popular tech retailer announced that they need to cut as many as 600 jobs in order to keep afloat during the potentially challenging months ahead.
Logitech announced its third quarterly net profits dropped an astounding 70 percent to $40 million or 22 cents a share. Compared to the prior year, Logitech’s gross margin fell to 29.9 percent in the quarter. The company contributes poor sales, a weak dollar and steep price cuts to their lost of revenue.
CEO Gerald Quindlen released a statement that made it clear that the company expects to be hit even harder in the coming months. Besides cutting jobs, the company hopes to generate cash flow from their operations and continue developing new product technologies. Quindlen also stated that he hopes the changes that the company plans to make would help them recover once the economy shifts. Logitech is expected to make most of the job cuts within their fourth quarter, which started this month.
Read [CNET]
Keep up with the latest gadget goodness! - 
Subscribe to our feed
Palm Pre Information & Updates
Palm just introduced their next-gen smartphone, the Palm Pre, and next-gen operating system, Palm webOS. Gadgetell's got the latest Pre and webOS information and news for you right here.
Ohh, So Sad, Anyway this is also one of the best manufacturer of Mouse world Wide.
But no a day this is the time of recession so some are facing financial problem.
on June 18, 2009 at 07:08 AM - LINKWow, that stinks. Hopefully they don’t go under. One of the best makers of gaming mice and other gaming peripherals around.
on August 10, 2009 at 10:23 PM - LINK